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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 124,080 $ 138,237 $ 151,099
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 38,547 31,189 28,723
Amortization of marketable securities 884 783 (486)
Stock-based compensation 40,623 60,145 23,993
Deferred income taxes 4,711 (5,647) 4,860
Changes in operating assets and liabilities:      
Accounts receivable (120,560) 73,033 (65,156)
Prepaid insurance (1,121) 254 (2,007)
Other current assets (13,851) 4,032 (15,772)
Other assets and ROU assets 4,356 15,725 9,722
Accounts payable 209 1,638 (6,057)
Payroll taxes and other payroll deductions payable 89,932 100,712 16,082
Accrued worksite employee payroll expense 74,817 (67,023) 71,880
Accrued health insurance costs 17,316 11,505 (13,973)
Accrued workers’ compensation costs (197) (3,052) 13,247
Accrued corporate payroll, commissions and other accrued liabilities 14,716 (20,763) (6,386)
Income taxes payable/receivable (14,307) 5,585 (4,616)
Total adjustments 136,075 208,116 54,054
Net cash provided by operating activities 260,155 346,353 205,153
Marketable securities:      
Purchases (58,202) (50,624) (110,131)
Proceeds from maturities 60,045 49,635 108,380
Proceeds from dispositions 0 484 28,313
Property and equipment:      
Purchases (32,907) (98,159) (56,307)
Proceeds from dispositions 51 43 21
Net cash used in investing activities (31,013) (98,621) (29,724)
Cash flows from financing activities      
Purchase of treasury stock 69,725 99,415 203,043
Dividends paid (144,179) (61,869) (48,622)
Borrowings under long-term debt agreement 0 100,000 125,000
Other 5,831 7,701 8,312
Net cash used in financing activities (208,073) (53,583) (118,353)
Net increase in cash and cash equivalents 21,069 194,149 57,076
Cash, cash equivalents and restricted cash beginning of year 786,699 592,550 535,474
Cash, cash equivalents and restricted cash at end of year 807,768 786,699 592,550
Supplemental disclosures of cash flow information      
Income taxes, net 53,835 51,097 38,299
Cash paid for interest 7,268 8,977 7,421
ROU assets obtained in exchange for lease obligations 19,572 22,770 24,474
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]      
Cash and cash equivalents 575,812 554,846 367,342
Restricted Cash and Cash Equivalents, Current 46,929 45,522 49,295
Deposits workers' compensation $ 185,027 $ 186,331 $ 175,913